College Towns

[Matt Boyle]

Hello! 

I was just wondering if anyone targets college towns to invest in? I went to school at the University of Iowa (Go Hawkeyes!) and it seemed like there was a lot of opportunity. The rental scene was out of control, you were fighting people to sign a decent place to live. A landlord/investor's dream! Once I get a little better versed in the world of investing this is a market I am going to revisit.

[Kyle Thomas]

Matt,

I work as a Property Manager in Ames, IA (Iowa State University). I've got some insight and experience with college rentals. Do you have specific questions? Personally I love em and professionally the company I work for loves em too.

Obviously the big concern for folks is that these young kids will neglect and destroy a place. It's been our experience that it's just as likely a working adult or family or adult roommates will neglect and destroy a unit. Issues like these are few and far between though and certainly shouldn't keep you from investing. They will be rare realities that are understood and planned for. Not so much if but when should be the mindset.

In a recent BP Podcast the guest, Pat Hiban, talked about the idea of "out of sight, out of mind" in regards to his college rentals. He has a trusted manager and as an owner understands the purpose and intent of the college rental. He doesn't expect it to be something it's not.

Beyond this, do you have any specific questions? I don't know the Iowa City market well but could better talk to what's been going on in Ames.

Hope this helps,
Kyle